The stock shot up on huge volumes, making a volume cluster on the last 6 weeks. A strong signal that something positive is in the offing. Turnaround, orderbook, numbers, it could be anything (or a mix of these things). The breakout happened on very good volumes. The stock has been cooling off for a week on decreasing volumes. Tested the breakout support on lowest volume in the past few weeks. The 20VWMA is right below the breakout zone. The stock might test the 20VWMA as well and shoot up from there.
I reserve the right to be wrong. Disclaimer: I'm not a SEBI registered analyst. Please consult your financial advisor before investing.
What is vwma? Please check caplipoint.. Looks like at crucial point
raavigeorgian
⋅
@drdc11, VWMA is Vol weighted moving avg. More reliable compared to 20sma in non FnO stocks.
Thanks for pointing out Caplin Point. Just posted the chart.